Martin Lewis has revealed when you should close your savings account and open new one as he urged Brits earning rates of less than 1.5 per cent "not to stand for it" and to switch.
The MoneySavingExpert founder said UK households put away an extra £180billion in savings during the pandemic.
Even though the cost of living crisis is now eating away at homes' ability to save, Lewis said savings rates have jumped to their highest levels since July 2019 - and more than doubled in a year.
In the latest MoneySavingExpert email, Lewis said: "The minimum savings should pay is 1.5 per cent - as that's what you can get in the top easy-access account.
"If you've not switched savings account in the last couple of years, you're likely earning just 0.1 per cent or less. Do check now.
"Even if you opened a decent account a few months ago, as rates have increased, you're still likely earning little more than half of what today's top accounts pay."
An easy-access account, as the name suggests, lets you take money out whenever you like - in theory.
Some do have strings attached, like saying you can't take out money more than three times a year before losing your interest rate.
But the best easy access account on the market, from Chase, pays 1.5 per cent a year with no strings.
However, the account can only be opened with a smart phone.
Lewis said: "To get it, just open its free app-based current account (you don't need to switch bank to get it), then just open the savings in the app.
"We've been raving about it, as the current account debit card also gives 1 per cent cashback for 12 months and cheap spending abroad."
The second-best deal on the market pays 1.2 per cent, from a bank called Zopa, tied with another 1.2 per cent rate from Cynergy Bank.
But Lewis said that inflation threatens to erode all savings returns, but that savers should not lose heart.
He said: "The true picture is still gloomy, as 30-year high inflation at 7 per cent means interest from even top-paying savings is easily gobbled up by price rises.
"That means upping savings interest is even more important though, as it's not about helping 'em grow, it's about reducing the rapid erosion of inflation."
If you can afford to lock you rmoney away, fixed-rate bonds pay an even higher interest rate.
If you can do without your money for a year, the best deal on the market pays 1.96 per cent, from Shawbrook and PCF - but both require that you have at least £1,000 to open.
If you can lock your money away for two years, SmartSave will pay you 2.21 per cent, and also have a three-year option paying 2.29 per cent.
Lewis said: "As you can see, the premium for fixing for three years over two is tiny. So beware, with UK interest rates predicted to rise further, the longer you lock into a savings fix, the longer you forgo the ability to ditch it and move money elsewhere if rates improve.
"My best guess is one or two-year fixes seem safer (though in these uncertain times, of course things could always reverse, and if rates drop, you could regret not locking in longer)."
Lewis added that if you have debt, including mortgages, overpaying these debts can beat saving.
